Since the end of the fixed exchange rate Bretton Woods financial system in 1971, the world has increasingly been dominated by a criminal conglomerate centred in the City of London and its Wall Street appendage. In hundreds of court cases in various nations over the last decade alone, honest investigators have proven that this London-centred “Too Big To Fail” cartel of private megabanks launders the estimated $1 trillion dollars annual profits of the world’s drug trade; has systematically looted local councils, state governments, and even entire nations of trillions of dollars through rigging the London Inter-bank Offered Rate (LIBOR) interest rate, which determines the value of most financial instruments in the world; and has invested virtually nothing in the physical economy, while driving raw materials and food prices through the roof by financial speculation.

In addition, since the 2007- 08 GFC, which was caused by these banks’ rampant speculation, U.S., U.K., Australian, and European governments, i.e., tax- payers—you, have bailed out these megabanks to the tune of at least $20 trillion, perhaps much more. This same cartel is behind the current campaign to ram through “bail-in” legislation in every country, enabling the out-right theft of any and all deposits.

It is time to bankrupt this criminal cartel.

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I did this course myself! – Lee Maddox | Editor

We in Australia, as elsewhere must implement Glass-Steagall legislation to separate the operations of commercial banks that hold deposits and lend to businesses and households, from the speculative and outright criminal financial activities of the London and Wall Street investment banks.

In 1933, U.S. President Franklin Delano Roosevelt’s Glass-Steagall law reined in Wall Street and enabled him to launch an economic recovery and build the mighty sinews of war to defeat fascism. The London/Wall Street gang oversaw the systematic weakening of Glass-Steagall regulations throughout the 1980s, until they orchestrated its final repeal in 1999. The huge deposit base of commercial banks was then grabbed for use in speculation. That led directly to the present, existential global economic and financial crisis.

Today a global push to reinstate Glass-Steagall is being led by U.S. statesman and physical economist Lyndon H. La-Rouche, Jr., in a situation even more dire than what FDR faced: either we wield the power of sovereign nation states to crush this British monetary empire once and for all, or it will crush most of the world’s population. As LaRouche wrote in June of this year, “We bankrupt the British oligarchy before they get to strike the first blow and bankrupt [us].”

There is excellent motion in the U.S. towards restoring Glass-Steagall. U.S. House of Representatives Resolution 129, the Return to Prudent Banking Act of 2013, was introduced in January and now has 74 co-sponsors from both major parties; a sister bill by the same name was introduced into the U.S. Senate in May; and another Senate bill, the 21st Century Glass-Steagall Act of 2013, was introduced in July.

Twenty-five state legislatures in the U.S. have passed or are considering resolutions calling on the federal Congress to re-enact Glass-Steagall, while the parliaments of Italy, Iceland, Belgium, Sweden, and Switzerland are considering Glass-Steagall laws. Even sane forces in the City of London have called for Glass-Steagall, as in recent editorials of the Financial Times. Sixty per cent of all British MPs have declared their support for total banking separation, while on 24 June Sir Peter Tapsall, Britain’s longest-serving MP and himself a former fund manager, proclaimed, “I am absolutely convinced if we do not go back to something approaching Glass-Steagall, it will be an absolute disaster when the next banking crisis hits us.”

The CEC has launched a mass mobilisation to force a Glass-Steagall bill into the Australian Parliament, and a CEC petition calling for the Glass-Steagall separation of Australia’s Big Four banks was tabled on 3 June.

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Author:General Maddox

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